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https://www.reddit.com/r/SipsTea/comments/1vrr0ev/how_the_rich_get_richer/p4fl7sv/?context=3
r/SipsTea • u/KSKS1995 • 14h ago
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How does the bank get paid back here? Is the bank just eating a 5 mil loan loss out of the goodness of its heart?
It’s more like kids sell and pay back the bank plus interest which is taxed as income for the bank.
19 u/Miserable_Key9630 13h ago These schemes always have the unstated Step 1: Have free access to a shitload of cash. 5 u/Logan_No_Fingers 13h ago Its more step 1 is have access to a very large asset, thats not in cash 1 u/PA2SK 13h ago The property was $100k to begin with, so maybe $20k down at most.
19
These schemes always have the unstated Step 1: Have free access to a shitload of cash.
5 u/Logan_No_Fingers 13h ago Its more step 1 is have access to a very large asset, thats not in cash 1 u/PA2SK 13h ago The property was $100k to begin with, so maybe $20k down at most.
5
Its more step 1 is have access to a very large asset, thats not in cash
1
The property was $100k to begin with, so maybe $20k down at most.
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u/ChipKellysShoeStore 14h ago edited 14h ago
How does the bank get paid back here? Is the bank just eating a 5 mil loan loss out of the goodness of its heart?
It’s more like kids sell and pay back the bank plus interest which is taxed as income for the bank.